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(F4) Watching Resistance

WTI TECHS
  • RES 4: $88.37 - High Oct 20
  • RES 3: $85.00 - High Oct 27
  • RES 2: $83.20 - High Nov 3
  • RES 1: $79.65 - High Nov 14 and a key short-term resistance
  • PRICE: $76.63 @ 06:59 GMT Nov 29
  • SUP 1: $72.37 - Low Nov 16 and the bear trigger
  • SUP 2: $70.96 - 76.4% retracement of the May 4 - Sep 28 bull run
  • SUP 3: $69.09 - Low Jul 3
  • SUP 4: $67.28 - Jun 23

The trend outlook in WTI futures is unchanged and remains bearish. However, a corrective cycle is in play and the contract has traded higher this week. Resistance to watch is at $79.65, the Nov 14 high. A breach would strengthen a bullish theme and open $83.20, the Nov 3 high. On the downside, the bear trigger lies at $72.37, the Nov 16 low. Clearance of this level would resume the downtrend.

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